The Bank of Russia is reportedly drafting a bill that would create an “experimental legal regime” for cryptocurrencies to be exclusively used in cross-border import-export transactions, as announced by the regulator’s head, Elvira Naiullina. Naiullina emphasized that trading and payments with cryptocurrencies within Russia must remain prohibited.
Meanwhile, the government is also preparing a bill that would establish a national agency to license and oversee cryptocurrency platforms operating in the country, and a new tax code for miners will also be introduced as part of the regulatory framework, according to Sergei Altukhov, a member of the Russian parliament’s economic policies committee cited by local newspaper Vedomosti.
Naiullina added that the central bank’s plan includes the formation of special organizations that will be appointed to mine cryptocurrencies and process payments for cross-border trade deals, with BitRiver, one of Russia’s largest mining companies, previously partnering with the state-affiliated oil company Gazpromneft.
Digital assets issued in accordance with the 2020 local law can also be used in cross-border transactions on par with decentralized cryptocurrencies, according to Nabiullina.
The Bank of Russia is currently in talks with the government to define which organizations can participate in the experiment, their business models, and banking partners. Government-sponsored companies are likely to be involved in the early stages of the experiment, added Naliullina’s deputy, Alexey Guznov.